Falls in UK services and production were offset by growth in construction in February, ONS reports

Newsflash: UK economy growth has flatlined.

UK GDP was unchanged in February, new data from the Office for National Statistics shows, weaker than the forecast for 0.1% growth.

The services sector fell by 0.1% in February 2023, after growing by 0.7% in January 2023, revised up from 0.5% in the previous publication.

The largest contributions to the fall in services output in February 2023 came from education and public administration and defence; compulsory social security, industrial action took place in both of these industries in February 2023.

Output in consumer-facing services grew by 0.4% in February 2023, this follows growth of 0.3% in January 2023 (unrevised from our previous publication); the largest contributor to this growth came from retail trade, except for motor vehicles and motorcycles.

Production output fell by 0.2% in February 2023, following a fall of 0.5% in January 2023, revised from a fall of 0.3% in the previous publication.

The construction sector grew by 2.4% in February 2023, after falling by 1.7% in January 2023 (unrevised from the previous publication).

Continue reading…

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

This photo of children living in poverty caused shock waves in 1992. Where are they now?

Craig Easton’s photographs of the Williams family in Blackpool in the early…

How would a UK windfall tax on oil and gas profits work?

Analysis: Sunak hints Labour proposal ‘not off the table’ but criteria suggests…

Isle of Man to pardon men convicted for homosexual acts

New act will pardon those convicted for a historical sexual offence if…

Jeremy Hunt’s Surrey office vandalised with ‘die Tory scum’ graffiti

Chancellor’s constituency office in Hindhead was defaced on eve of his spring…